Prepare the required journal entries that angel must make

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On March 1, 2017. Angel Corporation sold $300,000 of 12 percent, 10-year bonds. On that date the market rate (effective interest rate) was 11 percent. Interest is to be paid on March 1 and September 1. Angel uses the effective interest method of amortization.

Required:

Problem 1: Prepare the required journal entries that Angel must make on March 1, 2017; September 1, 2017; December 31, 2017 January 1, 2018 (reversing) and March 1, 2018.

Problem 2: Prepare the general Journal Entries using excel. Prepare the journal entries and effective interest amortization on separate worksheets in the same workbook.

Reference no: EM132920032

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